Transactions Costs and Capital Structure Choice: Evidence from Financially Distressed Firms
发现交易成本阻碍财务困境企业在庭外重组中降低债务，导致杠杆率居高不下且三分之一企业再次陷入困境；而破产法第11章下交易成本更低，企业杠杆下降更多且困境复发更少，赋予企业更多选择最优资本结构的灵活性。
ABSTRACT This study provides evidence that transactions costs discourage debt reductions by financially distressed firms when they restructure their debt out of court. As a result, these firms remain highly leveraged and one‐in‐three subsequently experience financial distress. Transactions costs are significantly smaller, hence leverage falls by more and there is less recurrence of financial distress, when firms recontract in Chapter 11. Chapter 11 therefore gives financially distressed firms more flexibility to choose optimal capital structures.